Leeds tech startup raises £1.5m of investment for rollout of new system

A Leeds technology startup has reported that it has raised £1.5m of investment as it aims to roll out its system.

Slingshot Simulations, which is a specialist in ‘digital twin’ technology, has raised a further £1.5m of investment as it prepares to roll out its system to its first commercial customers.

The funding comes from existing investor NPIF – Mercia Equity Finance, part of the Northern Powerhouse Investment Fund (NPIF), and is supported by the government’s Future Fund.

David McKee, Slingshot’s CEO, commented: “Digital twins have huge potential to improve our lives - to cut costs, improve public health, identify risks and reduce accidents.

“However until now the cost of this technology has limited its use to large corporations. This funding will take us one step closer to our goal to make digital twins accessible to organisations of all sizes.”

Will Clark of Mercia said: “David and his team have won international recognition for their work and their platform opens up new possibilities for businesses in areas such as construction, transport and logistics, product development and manufacturing. We are pleased to be able to fund them once again to help them launch their product into the market.”